GAITHERSBURG, MD, Dec. 28, 2017 (GLOBE NEWSWIRE) --
RealBiz Media Group, Inc. (OTCQB: RBIZ), currently operating as Verus Foods (the “Company”), announced today that it entered into a settlement agreement dated December 22, 2017 (the “Settlement Agreement”) with respect to the lawsuits between the Company and Monaker Group, Inc. (“Monaker”). The Settlement Agreement represents a global settlement that resolves all lawsuits between the Company, Monaker and other parties named in these lawsuits.
Pursuant to the terms of a court order dated August 2017, all negotiations on behalf of the Company were handled by Alex Aliksanyan, the Company’s former Chief Executive Officer. Pursuant to the terms of the Settlement Agreement, the Company shall reissue 44,470,101 shares of Series A Convertible Preferred Stock and 10,559,890 shares of common stock to Monaker. In addition, NestBuilder.com Corp. (“NestBuilder”) shall issue Monaker 44,470,101 shares of its common stock. Furthermore, Monaker shall (i) pay NestBuilder $100,000 in cash, (ii) issue NestBuilder 20,000 shares of its common stock and (iii) transfer 8,326,630 shares of the Company’s common stock to NestBuilder.
Additionally, former RealBiz Chairman and current Monaker Director, Don Monaco, has agreed to provide the Company with favorable, non-dilutive, debt financing effective January 2, 2018. “I believe in Verus Foods’ business model and want to help the company begin its growth phase,” explained Mr. Monaco. “This funding provides the company with the solid footing it needs as it lines up additional sources of working capital. I am looking forward to watching the Verus story unfold in 2018.”
The Company will update investors in the near future concerning the planned name and symbol change, reverse split, and other anticipated corporate actions that can now move forward following these events.
“I am happy that all of the pending lawsuits with Monaker have been resolved and am eager to focus on building our international food business,” commented Anshu Bhatnagar, the Company’s CEO. “But, equally important, we are grateful to Don Monaco for his vote of confidence in our future. His funding gives us some much-needed breathing room and allows us to finally put our business plan into action as well as paying off other more dilutive debt. We have a great deal of work ahead of us, but we can now enter 2018 with a renewed sense of optimism and momentum for Verus Foods.”
About RealBiz Media Group, Inc.
RealBiz Media Group, Inc. consists of two business segments: an international food subsidiary (Verus Foods) that sells products to customers worldwide; and a real estate digital media and technology company. RealBiz Media Group, Inc. (OTCQB: RBIZ) trades on the OTCQB venture stage marketplace for early stage and developing U.S. and international companies. Investors can find Real-Time quotes and market information for the company on www.otcmarkets.com.
Safe Harbor Statement
This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are identified by the use of the words “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “may,” “continue,” “predict,” “potential,” “project” and similar expressions that are intended to identify forward-looking statements. All forward-looking statements speak only as of the date of this press release. You should not place undue reliance on these forward-looking statements. Although we believe that our plans, objectives, expectations and intentions reflected in or suggested by the forward-looking statements are reasonable, we can give no assurance that these plans, objectives, expectations or intentions will be achieved. Forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from historical experience and present expectations or projections. Actual results to differ materially from those in the forward-looking statements and the trading price for our common stock may fluctuate significantly. Forward-looking statements also are affected by the risk factors described in the Company’s filings with the U.S. Securities and Exchange Commission. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.